Greater Princeton Area Q1 2021 Real Estate Market Update

MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty

2021 First Quarter Greater Princeton Area Residential Real Estate Market Analysis

Available: 272 Carter Road, Princeton, NJ 08540 (Lawrence Township) $5,200,000

Q1 2020 was humming along from a real estate sales standpoint before the onset of the pandemic last March.

While it has been a blurry 12+ months since, it’s important to acknowledge that the first quarter of 2020 was a time of brisk sales, with closings and dollar volume faring well versus the same period the previous year.

However, the pandemic has turned almost everything upside down; if Q1 2020 was a strong quarter in “normal” times, it’s nearly impossible to compare it with what’s going on now.

In the first three months of 2021, closed unit sales and dollar volume in most of our markets increased dramatically over that notably robust first quarter of 2020. Looking forward, the data for Q2 is going to be irrationally skewed as the near shutdown a year ago is up against the busiest market that any of us can remember. The intense sales activity we’ve experienced since last summer has continued even as inventory has tightened, which has made multiple bid situations the norm for well-priced, turnkey inventory. What’s more, for the first time since before the downturn of 2008, the market is responding across all price points and municipalities. As one example, there have already been 22 known $2,000,000+ residential contracts in Mercer County in 2021 (through 4/15/21), as compared to 18 for all of 2020. Generally speaking, inventory remains down, activity remains up, and pricing, typically a lagging indicator, has begun to follow these parameters and edge upward as well. We are optimistic that with interest rates remaining near historic lows (they have come up a bit since their January nadir), buyers and sellers in the Garden State will continue moving forward with making life changes as we emerge from the confines of this pandemic.

We thank our clients, agents, and vendors, who have all had such a profound effect on our firm and in our communities. We have evolved our business practices to safely and successfully serve you as we sprint into the second quarter. Whether you’re buying, selling, or just curious, we are here to help.

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Own or rent to live in the center of it all.

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PRINCETON $1 MILLION & UNDER

Available: 140 Quaker Road, Princeton, NJ 08540 $875,000

Units Sold

2020

2021

% Change

23

36

+ 56.52 %

$668,179

+ 0.34 %

55

- 58.33 %

Average Sales Price $665,883 132 Days on Market

Units Sold

2020

2021

% Change

13

19

+ 46.15 %

Average Sales Price $1,296,841 $1,392,439 128 84 Days on Market

+ 7.37 % - 34.38 %

PRINCETON $1 MILLION TO $ 2 MILLION

Available: 91 Moore Street, Princeton, NJ 08540 $1,325,000

PRINCETON $2 MILLION AND OVER

Available: 33 Bogart Court, Princeton, NJ 08540 $2,000,000

Units Sold

2020

2021

% Change

2

7

+ 250.00 %

Average Sales Price $2,837,500 $2,224,143 215 121 Days on Market

- 21.62 % - 43.72 %

MONTGOMERY TOWNSHIP

Available: 15 Maidstone Court, Skillman, NJ 08558 $875,000

Units Sold

% Change

2020

2021

38

57

+ 50.00 %

$692,247

+ 20.42 %

86

+ 13.16 %

Average Sales Price $574,842 76 Days on Market

Units Sold Average Sales Price Days on Market

2020

2021

% Change

9

22

+ 144.44 %

505,666

$505,142

- 0.10 %

141

34

- 75.89 %

PENNINGTON BOROUGH

Available: 324 Hale Street, Pennington, NJ 08534 $825,000

HOPEWELL BOROUGH

Available: 15 Railroad Place, Hopewell, NJ 08525 $475,000

2020 10 Units Sold Average Sales Price $450,076 71 Days on Market

2021

% Change

7

- 30.00 %

$610,571

+ 35.66 %

97

+ 36.62 %

Units Sold

2020

2021

% Change

56

70

+ 25.00 %

$501,765

+ 3.24 %

48

- 59.66 %

Average Sales Price $486,027 119 Days on Market

HOPEWELL TOWNSHIP

Available: 172 Pleasant Valley Road, Titusville, NJ 08560 $1,750,000

WEST WINDSOR TOWNSHIP

Available: 97 Penn Lyle Road, Princeton Junction, NJ 08550 $1,695,000

Units Sold

2020

2021

% Change

53

72

+ 35.85 %

Average Sales Price $578,595 83 Days on Market

$553,794

- 4.29 %

40

- 51.81 %

CRANBURY TOWNSHIP

Available: 6 Scottsdale Court, Cranbury, NJ 08512 $749,000

Units Sold

2020

2021

% Change

4

9

+ 125.00 %

Average Sales Price $752,750 55 Days on Market

$622,778 140

- 17.27 % + 154.55 %

WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED

Available: 407 Village Road East, Princeton Junction, NJ 08550 $655,000

Units Sold

2020

2021

% Change

83

114

+ 37.35 %

$539,012

+ 5.69 %

50

- 34.21 %

Average Sales Price $509,983 76 Days on Market

Units Sold

2020

2021

% Change

57

79

+ 38.60 %

$352,833

+ 3.10 %

45

- 35.71 %

Average Sales Price $342,222 70 Days on Market

LAWRENCE TOWNSHIP

Under Contract: 61 Green Avenue, Lawrenceville, NJ 08648 $750,000

ROBBINSVILLE TOWNSHIP

Under Contract: 1321 Park Street, Robbinsville, NJ 08691 $725,000

Units Sold

2020

2021

% Change

40

50

+ 25.00 %

$469,399

+ 26.31 %

48

- 17.24 %

Average Sales Price $371,620 Days on Market

58

LAMBERTVILLE

Available: 10 Clinton Street, Lambertville, NJ 08530 $610,000

Units Sold

2020

2021

12

12

Average Sales Price $412,917 Days on Market

89

% Change --

$443,875

+ 7.50 %

71

- 20.22 %

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Callaway Henderson Sotheby’s International Realty

@calhensir

@callawayhendersonsir

Callaway Henderson Sotheby’s International Realty

Callaway Henderson Sotheby’s International Realty

@calhensir

ON THE COVER 5280 Province Line Road | Princeton, NJ 08540 (Hopewell Township) $2,195,000

EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 4/13/2021. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.